A practical method of estimating residential land demand using housing demand function: A case of new town development in kwangju, Korea

This paper introduces the practical method of estimating the final residential land demand using housing demand function rather than the existing method using target housing diffusion rate for estimating the demand for land. It also attempts to demonstrate that the new method can be applied to the field of practical land development. Using housing demand function, final residential land demand was estimated for a new town development expectant, Soowan area in Kwangju city in Korea. The estimated final residential land demand size is 445,517 pyung (about 360 Acre) according to Scenario 2. The method of estimating residential land demand suggested in the study may be appropriate to the new town development that low, medium and high density are mixed, so it may apply not only to Korea, but it may also apply to residential land development model for countries or regions which needs medium or high density development due to their relatively high population density.